Section 67. No mortgagee shall make a reverse mortgage loan on residential property except in accordance with sections 7 and 7A of chapter 167E. For the purposes of this section, the term ”residential property” shall mean a 1 to 4 family dwelling owned and occupied in whole or in part by the mortgagor and located in the commonwealth.

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Terms Used In Massachusetts General Laws ch. 183 sec. 67

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
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